Market Update
The Dated Brent market has weakened significantly this past week as physical sentiment deteriorated alongside a troubled futures market. At the time of writing, the Nov’24 Brent futures contract has fallen below $70/bbl for the first time since November 2021. Bearish factors have mounted as oil demand uncertainty and recession fears grip the market, whilst speculators are getting increasingly shorter. The bearish hysteria has filtered into the Dated Brent market, where the physical had previously been able to weather the weakness in the futures market. However, the weaker-than-expected Oct Brent futures expiry was a premonition for Dated Brent, as the physical attracted offers whilst the paper sold off.
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